Philippines Trade March 2017

Philippines: Exports surge in March

May 11, 2017

Philippine exports rose in March, mainly due to stronger demand from the United States, China and Hong Kong, which more than offset a slump in demand from Japan. Exports jumped by an annual rate of 21.0%, which represented a strong acceleration from February’s robust 11.0% growth. March’s result reflected a broad-based acceleration in growth of all export categories, with agro-based and manufactured products registering the sharpest accelerations.

Exports of manufactured products grew 16.5% in March, well above the 6.2% expansion recorded in February. Exports of electronic products—classified as a sub-category of manufactured goods—increased 19.0% in March, up from February’s 15.9% rise. According to the Philippine Statistics Authority, electronic products account for the largest share of total export revenues. Further good news came from exports of agro-based products, with growth skyrocketing from 0.5% in February to 33.6% in March.

FocusEconomics Consensus Forecast panelists see exports expanding 3.7% in 2017 and 8.1% in 2018. Panelists expect a trade deficit of USD 23.3 billion in 2017 and see it widening to USD 25.7 billion in 2018.

According to data released by Nikkei and IHS Markit, the manufacturing Purchasing Managers’ Index (PMI) edged up to 54.2 points in November from 54.0 points in October, climbing further above the critical 50-point threshold that separates expansion from contraction in the manufacturing sector.
Business conditions continued improving in November, largely thanks to a sharp acceleration in output growth, which rose at the fastest rate in nearly two years, and a strong uptick in new orders.

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